By the authority vested in me as President by the Constitution and the laws
of the United States of America, including the International Emergency
Economic Powers Act (50 U.S.C. 1701 et seq.) (IEEPA), the National
Emergencies Act (50 U.S.C. 1601 et seq.) (NEA), and section 301 of title 3,
United States Code,

I, GEORGE W. BUSH, President of the United States of America, find that the
current existence and risk of the proliferation of weapons-usable fissile
material on the Korean Peninsula constitute an unusual and extraordinary
threat to the national security and foreign policy of the United States,
and I hereby declare a national emergency to deal with that threat. I
further find that, as we deal with that threat through multilateral
diplomacy, it is necessary to continue certain restrictions with respect to
North Korea that would otherwise be lifted pursuant to a forthcoming
proclamation that will terminate the exercise of authorities under the
Trading With the Enemy Act (50 U.S.C. App. 1 et seq.) (TWEA) with respect
to North Korea.

Accordingly, I hereby order:

Section 1. Except to the extent provided in statutes or in regulations,
orders, directives, or licenses that may be issued pursuant to this order,
and notwithstanding any contract entered into or any license or permit
granted prior to the date of this order, the following are blocked and may
not be transferred, paid, exported, withdrawn, or otherwise dealt in:

all property and interests in property of North Korea or a North Korean
national that, pursuant to the President's
authorities under the TWEA, the exercise of which has been
continued in accordance with section 101(b) of Public Law 95-223 (91 Stat.
1625; 50 U.S.C. App. 5(b) note), were blocked as of June 16, 2000, and
remained blocked immediately prior to the date of this order.

Sec. 2. Except to the extent provided in statutes or in regulations,
orders, directives, or licenses that may be issued pursuant to this order,
and notwithstanding any contract entered into or any license or permit
granted prior to the date of this order, United States persons may not
register a vessel in North Korea, obtain authorization for a vessel to fly
the North Korean flag, or own, lease, operate, or insure any vessel flagged
by North Korea.

Sec. 3. (a) Any transaction by a United States person or within the
United States that evades or avoids, has the purpose of evading or
avoiding, or attempts to violate any of the prohibitions set forth in this
order is prohibited.

(b) Any conspiracy formed to violate any of the prohibitions set forth in
this order is prohibited.

Sec. 4. For the purposes of this order:

(a) the term "person" means an individual or entity;

(b) the term "entity" means a partnership, association, trust, joint
venture, corporation, group, subgroup, or other organization; and

(c) the term "United States person" means any United States citizen,
permanent resident alien, entity organized under the laws of the United
States or any jurisdiction within the United States (including foreign
branches), or any person in the United States.

Sec. 5. The Secretary of the Treasury, after consultation with the
Secretary of State, is hereby authorized to take such actions, including
the promulgation of rules and regulations,
and to employ all powers granted to the President by IEEPA as may be
necessary to carry out the purposes of this order. The Secretary of the
Treasury may redelegate any of these functions to other officers and
agencies of the United States Government consistent with applicable law.
All agencies of the United States Government are hereby directed to take
all appropriate measures within their authority to carry out the provisions
of this order.

Sec. 6. The Secretary of the Treasury, after consultation with the
Secretary of State, is hereby authorized to submit the recurring and final
reports to the Congress on the national emergency declared in this order,
consistent with section 401(c) of the NEA (50 U.S.C. 1641(c)) and section
204(c) of IEEPA (50 U.S.C. 1703(c)).

Sec. 7. This order is not intended to, and does not, create any right or
benefit, substantive or procedural, enforceable at law or in equity by any
party
against the United States, its departments, agencies, instrumentalities, or
entities, its officers or employees, or any other person.